The GCC states are developing a broad framework for the introduction of VAT. The framework agreement will set out the underlying principles of VAT laws for the six GCC countries, although there are likely to be areas where member states will have some flexibility.

Global Brexit tools: What 2017 holds for Brexit

Global Brexit tools

Related content

The UK’s vote to leave the European Union unleashed an unprecedented wave of political and economic change spread far beyond Britain’s shores. From European capitals now courting London businesses to questions for Britain’s global trading partners – risks and opportunities that simply did not exist prior to 23 June 2016. Through KPMG’s Global Brexit Centre of Excellence, we bring a global perspective to help ensure that businesses take the impacts and experience from various parts of the world into account when planning for the new normal of geopolitical risks and opportunities.

Our Brexit Basics series is aimed at demystifying the Brexit debate and bringing attention to what is most relevant for global businesses, governments and institutions.

In this second edition, we put focus on the so-called Four Freedoms – which will remain part of the Brexit debate as we move closer to Article 50 being evoked later this year. Every day brings new dimensions to Brexit, not least from the political changes in the EU – like the recent Italian referendum, Austrian election, and resignation of the President of the EU Parliament etc. The UK may have indicated that it will rescind its member-ship of some EU institutions, but there is a lot still to be determined on the terms of the UK’s departure and its future relationship with the EU. With all this noise, it can be hard to follow the debate. So what does 2017 hold for Brexit? Let’s take a look at the timeline and processes ahead.